Estates

Wills, Power of Attorney, Testamentary Trust & Enduring Guardianship you need to:

• Choose about 3 trusted people to be executor, guardian, trustee or attorney. 
• Work out what assets transfer outside a will.
• Decide where you want your assets to go.
• Decide how old any young beneficiary should be before they                 ORDER NOW  receive anything. (eg 18, 21 or 25) 

When Considering Company, Trust or Individual ownership of assets you should:

• Work out if any lenders or creditors will want a personal guarantee.
• Ensure the initial costs and costs of yearly compliance are less than any benefit.
• Work out why you want the trust, company or individual to own assets. (eg family law, benifits, Wills, tax or asset protection)
• Choose your trustee or directors carfully.
• Consider the need to return assets to joint names in the future
• Get a solicitor to advise and transfer the assets properly.

As Executor for Probate or Administration you need to:

• Look after your family for a few weeks after somone close dies because there is no paperwork that can be done until the BD&M death certificate is issued.
• All accounts in sole names will be suspended and Power of Attorney ceases to act from the date of death.
• You may be entitled to Centrelink bereavement allowance or payment.
• Arrange the funeral and pay the funeral expenses directly from the deceased's account on presentation of the invoice to the bank.  (the only exeption to frozen accounts)
• Locate the Will if any.
• Itemise all the assets under the Will.
• Arrange a solicitor to prepare probate or administration to give the executor power to act under the Will when you have the Will, Death Certificate and List of Assets.
• You can have your solicitor transfer any property including money in banks, real estate or shares.
• For a coplete list of what to do to transfer shares press the Macquarie Bank link below.

 

 

 

Call for helpful advice on your estate needs on 4388 6331

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